PRESIDENT Ferdinand Marcos Jr. expressed his intent to strengthen the Philippines’ relations with the World Trade Organization (WTO), saying the country has “big plans” to enhance its economic ties with other nations.
In his remarks at his meeting with WTO Director General Ngozi Okonjo-Iweala in Malacañang on Wednesday, Marcos stressed the importance of engaging allied countries to recognize the Philippines as a leading investment hub.
He also underscored how trade became more significant as the world bounced back from the Covid-19 pandemic.
“We have big plans, and I think one of the many things that we picked up from the conference, just like Davos, with interactions with other leaders and other countries, is that it really requires transformation. But trade has become more important than ever,” Marcos told Iweala.
Iweala, for her part, commended the Philippines for its strong economic performance despite global challenges.
“I want to start by congratulating you because I was looking at the numbers of the economy. And you are not doing badly at all,” said Iweala, who is in the country to meet with the secretaries of the Philippine finance, trade and agriculture departments.
“Six percent per annum growth rate in an environment of high inflation in the world… So I think the Philippines is doing reasonably well under the circumstances,” the WTO chief added.
The WTO has 166 members, accounting for 98 percent of world trade. It operates a global system of trade rules, acts as a forum for negotiating trade agreements, settles trade disputes among its members and supports the needs of developing countries.
Meanwhile, Marcos, in a separate meeting with Canadian Minister of Export Promotion, International Trade and Economic Development Mary Ng, cited the importance of enhanced ties with allied countries to position the Philippines as a leading investment hub.
“We’ve been trying very hard to restructure ourselves just to make us more business-friendly, investment-friendly. And that’s why, such all of these, our interactions, are important to us,” he said.
For her part, Ng affirmed Canada’s strong confidence in its partnership with the Philippines.
Ng and her delegation are in the Philippines for the Team Canada Trade Mission (TCTM) Philippines in Manila from Dec. 4 to 6.
Joined by more than 300 delegates representing about 200 companies, the TCTM Philippines is expected to bring significant investments, foster new partnerships and business initiatives, and create numerous job opportunities for Filipinos. They are scheduled to hold a plenary session in Taguig City on Thursday.
“What that speaks through, Mr. President, is the confidence that Canadian businesses have, wanting to do business in Manila, looking for opportunities to invest,” Ng said.
“So, I’m very, very excited. And there’s a lot of Canadians [who] are very excited about being here as well,” she added.
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